BOARD OF BANK INCORPORATION
Applications Pending
Danvers Bancorp, Inc. (the "Petitioner"), Danvers, Massachusetts - permission to acquire Beverly National Corporation ("Beverly"), Beverly, Massachusetts. Beverly is the holding company for Beverly National Bank, Beverly, Massachusetts. The Petitioner is the holding company for Danversbank, Danvers, Massachusetts. Comment period ends October 15, 2009.
Pilgrim Bank, Cohasset, Massachusetts - permission to establish a mutual co-operative bank in conjunction with its multi-step reorganization into a mutual holding company, Conahasset Bancshares, MHC, with a mid-tier holding company, Conahasset Bancshares, Inc. The continuing bank will operate under the name Pilgrim Bank. Comment period ends October 7, 2009.
DIVISION OF BANKS
Decisions/Notices
Eastern Bank, Boston - permission to close a branch office located within Shaw's Supermarket, 780 South Main Street, Sharon - approved September 24, 2009.
Greenfield Savings Bank, Greenfield - permission to relocate its branch office from 195 Avenue A, Turner Falls, to 282 Avenue A, Turner Falls - approved September 24, 2009.
Martha's Vineyard Savings Bank, Edgartown - notice to establish a branch office at 2 Water Street, Falmouth - non-objection issued September 28, 2009.
Salisbury Bank and Trust Company, Lakeville, Connecticut - permission to relocate a branch office from 73 Main Street, Sheffield, Massachusetts to 640 Main Street, Sheffield, Massachusetts - approved September 8, 2009.
South Coastal Bank, Rockland - permission to relocate a branch office from 1259 Hancock Street, Quincy to 77 Granite Street, Quincy - approved September 29, 2009.
Walpole Municipal Employees Credit Union ("Walpole"), Walpole and Rockland Federal Credit Union ("Rockland"), Rockland - permission to merge under the charter, by laws and name of Rockland. The main office of Rockland would remain the main office of the continuing credit union and the sole banking office of Walpole would not be retained as a branch office - approved September 22, 2009.
Applications/Notices Pending
Cape Cod Five Cents Savings Bank, Harwich Port - permission to close branch offices located at (1) Cape Cod Regional Technical High School, 351 Pleasant Lake Avenue, Route 124, Harwich; (2) Dennis-Yarmouth High School, 210 Station Avenue, South Yarmouth; and (3) Barnstable High School, 744 West Main Street, Hyannis. Comment periods end October 9, 2009.
Danversbank, Danvers, Massachusetts and Beverly National Bank ("Beverly"), Beverly, Massachusetts - permission to merge under the charter, by-laws and name of Danversbank. The main office of Danversbank would remain the main office of the continuing bank and the banking offices of Beverly would be retained as branch offices. Comment period ends October 15, 2009.
East Boston Savings Bank ("East Boston"), East Boston and Mt. Washington Co-operative Bank ("Mt. Washington"), South Boston - permission to merge under the charter and by-laws of East Boston. The main office of East Boston would remain the main office of the continuing institution and the banking offices of Mt. Washington would be retained. Comment period ends October 2, 2009.
Jeanne D'Arc Credit Union, Lowell - notice to establish a branch office located at Methuen High School, 1 Ranger Road, Methuen. Filed September 22, 2009.
North Easton Savings Bank, North Easton - permission to close a branch office located at 669 Washington Street, South Easton. Comment period ends October 1, 2009.
PeoplesBank, Holyoke - notice to establish a branch office at 1051 St. James Avenue, Springfield. Filed September 28, 2009.
Pilgrim Bank, Cohasset - permission to reorganize into a mutual holding company, Conahasset Bancshares, MHC, with a mid-tier holding company, Conahasset Bancshares, Inc. as part of a multi-step transaction. Comment period ends October 7, 2009.
Rockland Trust Company, Rockland - permission to close a branch office located at 58B South Main Street, Assonet. Comment period ends October 8, 2009.
Rockland Trust Company, Rockland - permission to relocate a branch office from 21 North Main Street, Attleboro to 490 Pleasant Street, Attleboro. Comment period ends October 13, 2009
S Bank, Weymouth - notice to establish a branch office at 1165 Washington Street, Hanover. Filed September 25, 2009.
OCTOBER 2009 FILING DATE
Complete applications for the October Activity Report must be received by the Division or the Board on or before 5:00 P.M., Thursday, October 15, 2009.
COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH
The following state-chartered institutions have Community Reinvestment Act Descriptive Ratings and Evaluations describing the basis for the Rating issued by the Division of Banks pursuant to Massachusetts General Laws chapter 167, section 14. The ratings, as set out in the statute, for a bank's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC").
| Financial Institution | Rating | Date of Examination |
|---|---|---|
Sharon Credit Union, Sharon | S | 05/26/09 |
APPLICATIONS TO SELL INSURANCE
Greater Springfield Credit Union - pending
Marblehead Bank - pending
Needham Bank - pending
CHECK CASHER LICENSES
Applications Pending
Bennington Convenience Store, Inc. d/b/a Sava's Market, East Boston - permission to operate a check casher office at 150 Bennington Street, East Boston. Comment period ended June 18, 2009.
Braz Transfers, Inc., Somerville, Massachusetts - permission to operate a check casher office at 377 Somerville, Ave., Somerville. Comment period ended September 24, 2009.
Castleridge, Inc., Fitchburg, Massachusetts - permission to operate a check casher office at 442 Mechanic Street, Fitchburg. Comment period ended November 20, 2008.
THE COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
NOTICE OF PUBLIC HEARING
Pursuant to the provisions of Massachusetts General Laws chapter 255E, section 2 and Chapter 255F, sections 2 and 19, and in accordance with Massachusetts General Laws chapter 30A, section 2, a public hearing will be held on Wednesday, October 21, 2009 at 10:30 a.m., One South Station, 5 th Floor, Hearing Room A, Boston, Massachusetts, at which oral comments will be received by the Division of Banks relative to the adoption of permanent amendments to 209 CMR 41:00: THE LICENSING OF MORTGAGE LOAN ORIGINATORS and 209 CMR 42.00: THE LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS.
Major changes are made to 209 CMR 41.00 to reflect the new mandates and requirements of Chapter 44 of the Acts of 2009, An Act Adopting The Federal Secure And Fair Enforcement For Mortgage Licensing Act of 2008. These changes include 15 new definitions, including a revised definition of "mortgage loan originator"; a list of additional licensing exemptions; revisions to the disqualifications from licensing based on criminal history; the completion of 20 hours of pre-licensing education approved by the National Mortgage Licensing System and Registry ("NMLS") on state and federal law; a pre-licensing testing requirement that each applicant must achieve 75% or higher on a written examination on state and federal law; and 14 additional prohibited practices for mortgage loan originators. Other changes are made to comply with Chapter 44 and the NMLS system. There are relatively minor technical changes to 209 CMR 42.00. Additional changes may be made based on comments received at the public hearing or during the comment period.
The Division filed these amendments as Emergency Regulations with the Secretary of State on September 15, 2009 and they became effective on that date.
Written comments may be submitted to the Division on the permanent regulations and amendments until 5:00 p.m. on October 30, 2009. A copy of the proposed amendments is available at, and copies may be obtained from, the Massachusetts Division of Banks, One South Station, Boston, Massachusetts 02110 or at www.state.ma.us/dob/.
PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:
dobactivityreport-subscribe@listserv.state.ma.us
If you need assistance or have questions, please contact Bernard N. Waxman at 617.956.1571.
For information relative to current Activity Reports please contact the Consumer Assistance Unit .